Conversion of our Nation's Wire System to a Global Standard Effective Monday, July 14, 2025
For Commercial Wire Clients:
On Monday, July 14, 2025, the Federal Reserve will transition FedWire, the nationwide system used by financial institutions for electronic wire transfers, to a new global standard. This modernization aims to enhance the efficiency of wire payments by improving data quality, accelerating processing times, enhancing payment tracking, and reducing errors across domestic and international transactions. Minor disruptions may occur during the transition.
Key Changes
- Physical address fields for the beneficiary financial institution (FI) and intermediary bank (international wires only, when applicable) will become mandatory.
- Missing address information may result in delayed or rejected wire transactions.
- These fields are already required by The Bank of Tampa, so the impact on your wire activity is expected to be minimal.
Impact on Wire Templates and Recipients
- Beginning July 14, templates missing the City or Address 2 fields will be automatically populated with the placeholder "not provided."
- While placeholders such as "not provided" or "00000" may be acceptable in the short term, valid address information may be required in the near future by the Federal Reserve.
Scheduled Downtime
- The wire system will be unavailable over the weekend, during the conversion window between Friday, July 11 at 7:00 p.m. and Sunday, July 13, 2025.
Recommended Actions
- If you have any important wires scheduled for Monday, July 14 or Tuesday, July 15, we strongly recommend submitting them the prior week. This proactive step helps ensure your payment isn't impacted, however unlikely a delay may be.
- Review and update your wire templates and recipients to include full address details for all beneficiary and intermediary banks.
- Incomplete Recipient/Receiver, Beneficiary Bank/FI and Intermediary Bank/FI address information may cause wires to be delayed or undelivered.
- Delete any unused templates to avoid confusion or error.
- Should you encounter an error message when submitting a wire on or after July 14:
- Carefully read the message and update the information as requested.
- Contact our Treasury Services Support Team at (813) 998-2770 if assistance is needed.
Additional Resources
- Click the links below to learn more about this new global standatd, officially titles, ISO20022.
Contact Us
- Should you have any questions or require assistance, please contact our Treasury Services Support Team at (813) 998-2770.